International virtual currency exchange platforms are looking at ways to settle in India, following a lawsuit made against Binance, according to what inside sources informed Reuter. Meanwhile, the government in New Delhi is hesitant to introduce a new regulation that might end up banning digital currencies.
Adversaries of the possible band reveal that it would suppress the economic opportunities of a technically competent, thriving nation of approx. 1.35 billion inhabitants. There are no official statistics, but industry experts are of the belief that there are about 15 million cryptocurrency investors in India that have invested in more than Rs 100 billion (or $1.37 billion).
A total of four insider sources, who refused to be identified since they were not at liberty to disclose private discussions stated that Kraken (based in the US), Bitfinex (based in Hong Kong), and competitor KuCoin are exploring the market vigorously, which experts say would only increase if it were offered some liberty.
One source that was involved first-hand with an exchange revealed that these companies have already started discussions in order to comprehend the state of the Indian market and its access point better. He revealed that the other two exchange platforms were just considering their options and testing the waters in terms of entering India. These ultimately come down to deciding between establishing a subsidiary or inverting in an Indian firm i.e., the route Binance took two years prior.
Bitfinex refused to comment. KuCoin and Kraken also chose not to respond to an email seeking remarks. All three exchange platforms have made it to the world’s top ten by data management platform CoinMarketCap with regards to its traffic, financial resources, and trustworthiness in terms of its volume of transactions.
Cryptocurrency advocates believe that the introduction of such platforms may end up being the most economical way for Indians overseas to send money home.
